Backlash for Anheuser-Busch over a Bud Light promo featuring trans activist Dylan Mulvaney was swift.
Consumers are vowing not to buy their products, merchants are panicking over sales, and now the company’s stock is plummeting.
Could it be the worst marketing decision since New Coke?
Newsweek reports:
Anheuser-Busch stock drops amid Bud Light Dylan Mulvaney controversy
Stock for Anheuser-Busch InBev fell slightly on Monday as it continued to face backlash over news that one of the brewing company’s brands is partnering with transgender influencer and activist Dylan Mulvaney.
Mulvaney—who uses she/he pronouns—posted on Instagram last week that Bud Light had sent commemorative cans of beer featuring a picture of her face to mark the one-year anniversary of her gender transition. Following her announcement, right-wing musician Kid Rock posted a video on social media of himself shooting Bud Light cans for target practice, and country star Travis Tritt announced he would no longer sell Budweiser at his concerts.
TheStreet, a financial news website, reported that shares of Anheuser-Busch InBev were down 3 percent on Monday. However, the drop follows “a 10-day winning streak that lifted Anheuser-Busch stock to a 52-week high,” the outlet reported.
TheStreet further noted that despite the controversy surrounding Mulvaney, Anheuser-Busch continues to outperform competitors such as Molson Coors and Boston Beer in the stock market. At the time of publication, Anheuser-Busch shares were sitting at $64.99 on the New York Stock Exchange (NYSE).
Conservatives are not letting it go.
As of March 31, Anheuser Busch had a market cap of $132.38 billion
As of today, it is now $128.4 billion
Do you know what that means?
The Woke Bud Light campaign has already shaved nearly **$4 billion** off the company’s value
Don’t let the Dems lie to you – conservative boycotts work pic.twitter.com/xLGbs6F1MV
— DC_Draino (@DC_Draino) April 10, 2023
Anheuser-Busch’s stock price last week was… #GoWokeGoBroke pic.twitter.com/kSTwBExeeQ
— The Chief Nerd (@TheChiefNerd) April 10, 2023
Let’s take a look at this:
Thousands of cases of Anheuser-Busch have steamrolled!!! pic.twitter.com/riUpinE5Zu
— Graham Allen (@GrahamAllen_1) April 11, 2023
Anheuser-Busch will regret this decision.
